ETH Whales Buy $322m As Price Holds $2,300

Whales Load Up as ETH Holds Key Support

Onchain data shows $ETH whales accumulated roughly $322 million worth of Ethereum in the past 48 hours, with price holding firmly above the $2,300 zone after briefly dipping to $2,260 mid-week. The buying activity points to deliberate accumulation by large holders at a level the market has treated as meaningful support.

The move is not isolated. According to Phemex, Ethereum's validator entry queue has climbed to 3.4 million ETH — up sharply from 904,000 ETH earlier in the year — reflecting strong long-term confidence in the network as corporations and exchanges choose staking over selling.

Staking Queue Signals a Supply Squeeze

The supply-side dynamics are among the most compelling seen in months. Onchain trackers show 3.48 million $ETH — worth approximately $8 billion — queued to enter staking, compared to just 441,000 queued to exit. That near-8x ratio between entry and exit demand is a clear signal that long-term holders are actively positioning, not distributing.

Adding to the picture, onchain monitoring data shows BitMine has been an active buyer, with Tom Lee's firm purchasing 20,000 $ETH as part of a broader 65,000 ETH wave of institutional accumulation in a single 24-hour window. That OTC absorption further tightens available supply on the open market.

As noted by Ainvest, low exchange reserves combined with rising whale address counts suggest $ETH is in a sustained mid-term accumulation phase. Analysts have previously observed that similar patterns — tightening staking queues, declining liquid supply, and institutional OTC buying — have historically preceded periods of price stability or upward movement.

Taken together, whale buys, BitMine's OTC absorption, and a staking queue running at an 8x entry-to-exit ratio paint the cleanest supply picture $ETH has seen in some time. The missing piece remains a clear demand catalyst to match the structural setup.

Sources:
Phemex — Ethereum Sees Whale Accumulation and Staking Surge
CoinGabbar — ETH Staking, Whale Activity and Price Moves
Ainvest — Ethereum On-Chain Staking Dynamics as a Bullish Indicator